Homework on Finality - Questions

Blockchain and Bitcoin 101
#4337
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction finality/immutability in the blockchain means that when a transaction is recorded, it can never be removed from the public ledger. It will be there forever. No one can remove or amend it.
  2. How does this lead to the trustless environment that blockchain creates?
    This promotes transparency on all the transactions done on the blockchain because of finality and immutability.
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#4338
  1. Finality and immutability means the transaction cannot be reversed. It is done. Solid. The trigger is pulled.
  2. This means there is no trust involved because the decision is done mathematically according to the code and the blockchain rules and there is no human decision-making involved after the transaction goes through.
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#4339
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened, it has happened. You can not reverse it. You canā€™t go back.
  2. How does this lead to the trustless environment that blockchain creates?
    By not being able to reverse the transaction, you can trust what you just did. If you make a
    mistake the you pay the piper because it canā€™t be reversed.
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#4340

  1. The transaction cannot be reversed, or manipulated once it is on the blockchain. If a person sends money, and the transaction is recorded on the blockchain, they will not get that money back.

  2. As an example, you do not need to trust the customer of a your product, or the vendor selling something. Trust is placed in the protocol of the blockchain.

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#4341
  1. Irreversible, if its done its done, cannot be changed or canceled. Better check you wallet address twice before sending.
  2. By knowing that i.e. no charge back for customers are possible, transactions can be verified mathematically
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#4342

1 - Once the transaction is written to a valid block, it canā€™t be changed
2 - The technology guarantees that the transaction is ā€˜completeā€™ and canā€™t be reversed

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#4343

  1. Finality and immutability mean that the transaction cannot be undone, reversed, or retracted. Once the miners executing the proof of work confirm the transaction, there is no way of reversing, retracting or getting your money back. An exception is if the party the money was sent to, is willing to send the money back to you which is not technically a reversal but just an additional transaction.

  2. Not being able to retract or cancel your payment guards participants participating in the transaction from fraud or scams.

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#4344
  1. It means that whenever you purchase something on the Blockchain, it canā€™t be reversed. There are no charge backs.
  2. It eliminates the opportunity for fraud and scams.
2 Likes
#4345

  1. Once the transaction has been made, it cannot be undone. Its carved in stone.

  2. Transactions cannot be duplicated or reversed. Only mining can create the new fund.

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#4346

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Once a transaction is verified, by consensus, and added to the lender it can not be overturned/ reversed. It becomes part of the ledger forever.

  2. How does this lead to the trustless environment that blockchain creates?
    Finality in a transaction ensures that all parties move forward as agreed upon.

2 Likes
#4347

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once it happens-never goes back. There is only registering/adding new entries in this database - no deletions or edits.

  2. How does this lead to the trustless environment that blockchain creates?
    The blockchain ecosystem is simple. There is only addition of new records. No deletions or edits. So you trust that if the transaction you made is verified has been completed.
    So we could say that it goes only that far - but this far is enough?

2 Likes
#4348

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The blockchain is immutable, meaning that once a transaction has been completed, it is impossible to undo.

  2. How does this lead to the trustless environment that blockchain creates?
    I donā€™t have to trust a counterparty that they will hold up their end of the bargain, because I can trust the code.

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#4349

#1 A Blockchain transaction is final and unchangeable.

#2 A Blockchain transaction can be physically and mathematically proven that the transaction took place and it cannot be changed.

2 Likes
#4350

What do we mean when we say that blockchain has transaction finality/immutability?
irreversible outcome

How does this lead to the trustless environment that blockchain creates?
no chance of scamming for both parties. like senders telling the blockchain they sent it when they did not, or receiver saying they did not receive it when they did . It was all verified by blockchain,
Blockchain do not listen to claims, it only verifies. There is no customer service department in the blockchain network. Only miners

3 Likes
#4351

  1. Finality means ITā€™S FINAL. It can not be reversed. When a transaction has been verified a block has been made forever.

  2. Itā€™s allows for strangers to transact with each other. It takes the Trust out of the equation and places it on the network.

2 Likes
#4352

Once anything is verified on the blockchain, it cannot be modified or undone.

You do not have to trust any person, only the math and the protocols in place

1 Like
#4353
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    No transaction on the blockchain can be changed or reversed. It has been fixed forever through the process of mining / proof of work.
  2. How does this lead to the trustless environment that blockchain creates?
    Our transactions are secured by a mathematical network and we donā€™t have to rely on the honesty of the people we are transacting with.
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#4354

Hey 5haman,
thanks for the reply. I am glad that you explained it further.

#4355
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that transactions cannot be reversed. Once the transaction is confirmed and in the final location in the blockchain network, it remained finite and no refund can be processed.

  1. How does this lead to the trustless environment that blockchain creates?

here the network is trusted as it will show that the transaction took place through verified data and mathematics. Ideal for case users interested in one-way transactions without the need to process refunds.

2 Likes
#4356

  1. Once an transaction is approved, it is irreversably set in the ledger.

  2. The physics of finality and immutability in the block chain allow for trust.

2 Likes